Enhances Existing Systems Without Impact to RCM
Las Vegas (March 1, 2016) -- PatientPay™, the leader in paperless billing solutions for healthcare, today announced here PatientPay RCM Connect℠, a new way for revenue cycle management (RCM) companies to speed and simplify the processing and management of patient billing with a single solution.
“RCM Connect represents a better way for RCMs to effectively deal with the changing landscape of the business of healthcare,” said Tom Furr, PatientPay’s CEO. “It does not demand alterations to the billing infrastructure RCMs have in place. Instead, RCM Connect enhances those systems without any interruption to existing workflows or statement vendors, while easily adding our paperless billing capability that helps RCMs get paid faster and achieve better margins by eliminating those costs.”
RCMs provide billing services for hospitals and large medical practices, typically issuing millions of paper statements every month. Prior to the rise of High Deductible Health Plans (HDHPs), patient billing was not a major concern for RCMs or the providers they serve as insurance companies covered as much as 90 percent of the financial obligation. Now that has changed as patients are responsible for up to 50 percent of medical bills when covered by HDHPs.
The new PatientPay solution gives an RCM three keys to succeed in today’s challenging healthcare environment:
PatientPay RCM Connect offers a unique, intuitive “single screen” from which all patient billing activities, from processing, management, analysis and reporting can be handled;
PatientPay RCM Connect provides RCMs a quick and easy conversion to paperless billing as PatientPay Paperless is an integral part of the new solution; and,
PatientPay Paperless℠ is the only solution that matches charges with the Explanation of Benefits, helping to raise favorable patient engagement by removing the confusion associated with traditional paper statements.
RCMs can adopt PatientPay RCM Connect without the need to change workflow or paper vendors, purchase hardware, manage new software or protocols, or incur any upfront expense.
“Most RCMs feel certain they’ve squeezed every penny of efficiency out of their current traditional patient billing solution,” Furr said. “However, since they’re still sending paper statements the time to collect payment is taking longer, expenses are growing and profit margins are being impacted negatively by doing so.”
PatientPay Paperless prepares statements at half the expense of paper bills and has shown to yield savings of up to $4.00 per payment collected.